The Age of Confusion

5-year Expected Returns

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The Executive Summary (Deutsch)

This year’s Expected Returns publication includes:

  • The expected returns for all major asset classes for the 2023-2027 period

  • A thorough analysis of valuations and macro scenarios

  • How climate change affects the future returns of asset classes

  • Special topics on global trade, food (in)security, AI, and the energy transition

Peter van der Welle
Strategist Sustainable Multi Asset Solutions

This is the first time since we started publishing the Expected Returns twelve years ago that we expect the developed equity risk premium to be below its steady-state excess return.


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Long-Term Expected Returns

For the outlook on long-term steady-state returns, read our Long-Term Expected Returns.